As of 2005, some analysts were concerned that there was a "bubble" in the U.S. housing market. Suppose there is a reduction in real estate prices. This reduction in real estate prices would have the most direct effect on which of the following types of wealth?

Which of the following tools help us evaluate how taxes affect economic well-being? (i) consumer surplus (ii) producer surplus (iii) tax revenue (iv) deadweight loss

a. (i) and (ii) only b. (i), (ii), and (iii) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)

By about 1973, U.S. policymakers had learned that

a. there is no trade-off between inflation and unemployment in the short run. b. there is no trade-off between inflation and unemployment in the long run. c. Friedman's analysis of inflation and unemployment had been correct, and Phelps's analysis of inflation and unemployment had been incorrect. d. Phelps's analysis of inflation and unemployment had been correct, and Friedman's analysis of inflation and unemployment had been incorrect.